Baptist Health South Florida reported swelling profits for the first quarter of 2019, with its $1.73 million surgery center acquisition playing a role, the South Florida Business Journal reports.
Four key details:
1. In March, the Miami-based nonprofit health system acquired controlling interest of 26 percent in a West Palm Beach, Fla.-based ASC.
2. The health system's profitability increased significantly in the first quarter, driven by higher income from operations and growth in investment income.
3. Net income reached $224 million, a major year-over-year increase from $14.2 million. Revenue from operations increased 13 percent to $844.8 million, and operating income was $35.8 million for the quarter, up from a loss of $4.8 million in the first quarter of 2018.
4. In the same county as the single-specialty ASC it acquired, Baptist owns Bethesda Health in Boynton Beach, Fla., and plans to close a merger with Boca Raton (Fla.) Regional Hospital in June.
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